Today's picks
Nifty, BankNifty, ITC, Bajaj Auto & TCS
NIFTY
Current: 5,834,
Target: NA
The Nifty has resistance at 5,875 and support at 5,775. Breakouts in three sessions could go till 5,625/6,025. A bearspread with long 5,700p (73) and short 5,600p (50) covers a breakdown with a net cost of 23 and maximum theoretical gain of 77. A long Nifty future with a stop loss at 5,825 caters for an upmove.
My view is bearish.
BANKNIFTY
Current: 11,705,
Target: 11,525
The financial index reacted sharply after hitting resistance at 11900. It could have a downside till around the 11,400 levels in the next three sessions. Keep a stop at 11,825 and short. Add to the position between 11,600 and 11,650.
ITC
Current Price: Rs 182,
Target Price: Rs 189
Very high volume buying boosted the FMCG major and it looks like an upside breakout. It could test resistance at 185 – that is a minimum target. If it crosses 185, it may travel till 189. Keep a stop at 179 and go long. Add to the position between 185 and 186 and book profits above 188.
BAJAJ AUTO
Current Price: Rs 1,463,
Target Price: Rs 1,495
The stock has moved on very high-volumes even adjusting for settlement considerations. It has the potential to test resistance in the 1485-1500 zone. Keep a stop at 14,40 and go long. Add to the position between 1,475 and 1,480 and reset the stop loss till 1,465.
Start booking profits above 1,490.
TCS
Current Price: Rs 1,184,
Target Price: Rs 1,155
A pullback to the 1,150-1,160 zone is likely. The stock has very strong resistance between 1,185-1,200. Keep a stop at 1,195 and go short. Add to the position between 1,175 and 1,180 and reset the stop to 1185. Start booking profits below 1,160.
(The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated)
Nifty, BankNifty, ITC, Bajaj Auto & TCS
NIFTY
Current: 5,834,
Target: NA
The Nifty has resistance at 5,875 and support at 5,775. Breakouts in three sessions could go till 5,625/6,025. A bearspread with long 5,700p (73) and short 5,600p (50) covers a breakdown with a net cost of 23 and maximum theoretical gain of 77. A long Nifty future with a stop loss at 5,825 caters for an upmove.
My view is bearish.
BANKNIFTY
Current: 11,705,
Target: 11,525
The financial index reacted sharply after hitting resistance at 11900. It could have a downside till around the 11,400 levels in the next three sessions. Keep a stop at 11,825 and short. Add to the position between 11,600 and 11,650.
ITC
Current Price: Rs 182,
Target Price: Rs 189
Very high volume buying boosted the FMCG major and it looks like an upside breakout. It could test resistance at 185 – that is a minimum target. If it crosses 185, it may travel till 189. Keep a stop at 179 and go long. Add to the position between 185 and 186 and book profits above 188.
BAJAJ AUTO
Current Price: Rs 1,463,
Target Price: Rs 1,495
The stock has moved on very high-volumes even adjusting for settlement considerations. It has the potential to test resistance in the 1485-1500 zone. Keep a stop at 14,40 and go long. Add to the position between 1,475 and 1,480 and reset the stop loss till 1,465.
Start booking profits above 1,490.
TCS
Current Price: Rs 1,184,
Target Price: Rs 1,155
A pullback to the 1,150-1,160 zone is likely. The stock has very strong resistance between 1,185-1,200. Keep a stop at 1,195 and go short. Add to the position between 1,175 and 1,180 and reset the stop to 1185. Start booking profits below 1,160.
(The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated)
Related Articles
No comments:
Post a Comment